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China stocks end higher as new energy, healthcare shares shine

SHANGHAI, March 30 (Reuters) - China shares climbed more than 1% on Tuesday, underpinned by gains in new energy and healthcare stocks, as investors cheered upbeat corporate earnings.

** The blue-chip CSI300 index rose 1.0%, to 5,094.73, while the Shanghai Composite Index added 0.6 to 3,456.68. Both indexes were up for a third straight session.

** Leading the gains, the CSI300 new energy index and the CSI300 healthcare index rose 2.1% and 1.7%, respectively.

** Chinese electric vehicle maker BYD Co Ltd, , which is backed by billionaire Warren Buffett, on Monday reported a 162% growth in 2020 net profit as it became a major mask maker during the COVID-19 pandemic.

** But analysts said market sentiment remained weak and investors should not pin too much hope on the sustainability of the rally.

** For now, it’s more of a rebound following the recent market corrections, Huaxi Securities analysts said in a report, adding that cyclical blue-chip firms with low valuations and good cash conditions are relatively safe for investors.

** The Sino-U.S.tensions and expectations of liquidity tightening had curbed risk appetite in the A-share market, while the U.S. Treasury yields could rise to about 2% in the future, limiting the market rebound, the brokerage added.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.42%, while Japan’s Nikkei index closed up 0.16%.

** At 07:21 GMT, the yuan was quoted at 6.5677 per U.S. dollar, 0.02% firmer than the previous close of 6.569. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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